Monday 16 July 2018

AIB finance chief bagged €1.2m exit payment from IFG

AIB's chief financial officer, Mark Bourke
AIB's chief financial officer, Mark Bourke
Donal O'Donovan

Donal O'Donovan

AIB's chief financial officer, Mark Bourke, picked up a £974,000 (€1.2m) termination payment from his former employer when he left IFG in April 2014.

Details of the payment are included in IFG's 2015 Annual Report, have just been published.

Mark Bourke was chief executive at listed financial services group IFG for eight years, before opting to take a substantial pay cut to join state-owned AIB - where a €500,000 a year salary cap applies - two years ago.

His successor at IFG, Paul McNamara, earned £614,000 last year.

Meanwhile, insurance provider FBD has hired John O'Grady as an executive director and chief financial officer, replacing Fiona Muldoon who was named chief executive last year.

Paul D'Alton has been interim chief financial officer since October.

In a notice to the stock market FBD said Mr O'Grady will take up the role on July 1, when he leaves Liberty Insurance.

He previously worked at Aviva for 12 years, where he held roles including finance director, claims director and operations director.

Elsewhere, Grafton Group's chief executive Gavin Slark has been awarded shares worth more than €1m as part of the company's long term incentive plan. Mr Slark received 118,894 shares in the company from Grafton's 2011 LTIP. At yesterday's share price of 710.5 pence, the stock is worth $844,741.90 (€1,061,308).

CFO David Arnold received shares worth €605,726 while was given stock valued at €165,443.

Irish Independent

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